1. In a _______, consumers ultimately decide what should be
produced.
A. macroeconomic system C. free market system
B. socialist economy D. command economy
2. Efficiency can best be defined as
A. the amount of output generated in a given amount of
time.
B. producing items using the least amount of resources.
C. using high-tech equipment on a job.
D. producing as much as you can as fast as you can, regardless
of cost.
3. _______ is the study of how to increase resources and
create conditions that will make better use of resources.
A. Resource development C. Macroeconomics
B. Economics D. Microeconomics
4. To help employees become more effectively productive, companies may form cross-
_______ teams that draw on people from different departments to work on a special
project.
A. gender C. managerial
B. trained D. functional
5. The trend toward two-family income has led to
A. policies allowing only one family member to work for a company.
B. flexible work schedules, pregnancy benefits, and elder-care programs.
C. businesses paying lower wages and hiring fewer workers.
D. fewer opportunities in the field of human resource management.
6. The idea that countries should produce and sell goods that they produce most effectively
and efficiently, and buy goods that other countries produce most effectively and efficiently,
is known as
A. absolute advantage theory. C. efficiency balanced trade.
B. free trade. D. comparative advantage theory.
7. These days, the leading commercial firms are found in the _______ sector.
A. manufacturing C. service
B. agricultural D. government
8. In global trade, when the difference between money coming into a country from exports
and money leaving a country due to imports or money flows from other factors is
known as the
A. balance of payments. C. balance of trade.
B. trade offset. D. trade deficit.
9. Which statement best characterizes Adam Smith’s concept of the “invisible hand”?
A. Those who don’t work shouldn’t eat.
B. The quest for personal gain works for the common good.
C. When governments fail to regulate, greed conquers all.
D. Markets create money, and money creates demand.
10. Calendula, Inc. sells its herbal teas at a lower price in foreign countries than those
charged to consumers in Calendula’s home nation. In global trade, this is known as
A. freeloading. C. brand infringement.
B. depreciation. D. dumping.
11. Often, the _______ the risk, the _______ the rewards.
A. higher; higher C. higher; lower
B. lower; higher D. faster; quicker
12. When the government of Indonesia imposes a tax on imported electronics products to
help its young electronics industry compete in the global marketplace, it’s imposing
a/an _______ on foreign electronics products.
A. import quota C. embargo
B. protective tariff D. revenue tariff
13. Typically, the quantity of products people are willing to buy will _______ when prices
_______.
A. increase; increase C. decrease; increase
B. stay the same; increase D. increase; stay the same
14. The _______, created in 1995, is assigned the task of mediating international trade
disputes.
A. EU C. GATT
B. WTO D. NAFTA
15. In general, a person who owns and operates his or her own business can be thought of
as a/an
A. entrepreneur. C. gambler.
B. manager. D. pioneer.
16. Consider two used-car dealers: Bob’s Better Wheels and Dewey, Cheatum, and Howe
Motors. Their prices are basically the same for similar vehicles even as their advertising
screams that their products are different. Which kind of competition is going on here?
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly
17. Americans are often accused of being ethnocentric. This means that
A. Americans welcome diversity in their work force.
B. Americans feel their culture is superior to other cultures.
C. U.S. firms are actively seeking international markets.
D. U.S. businesses are pursuing a policy of multiculturalism.
18. Uniform product codes are also known as
A. bar codes.
B. product numbers.
C. customer service standards.
D. basic product quality standards.
19. Which of the following about a capitalist system is correct?
A. It guarantees the success of almost any business.
B. It’s one in which the factors of production are owned by the government.
C. It relies on honesty, integrity, and high ethical standards.
D. It isn’t substantially damaged by unethical business behavior.
20. Among developed nations, the United States is typical in that it has a _______
economy.
A. mixed C. command
B. socialist D. free market
21. The EU is an example of a trading bloc, or _______, that has a common external tariff
and no internal tariffs, and that coordinates laws to facilitate trade between member
countries.
A. strategic alliance
B. joint venture
C. common market
D. multinational export assistance center
22. The five factors of production include land, _______, capital, entrepreneurship, and
_______.
A. effort; education C. energy; application
B. knowledge; effort D. labor; knowledge
23. When the value of exports from a country exceeds the value of imports into that
country, there’s
A. a trade surplus. C. an imbalance of trade.
B. no balance of payments. D. a trade deficit.
24. The number of businesses owned by immigrants, minority groups, and women has
_______ in recent years.
A. declined C. increased
B. stabilized D. been dramatically reduced
25. The _______ denotes a common pattern wherein there’s a period of rapid growth in
the economy when supply and demand stimulate each other, alternating with a period
of decline accompanied by diminishing demand and supply.
A. macroeconomic system C. unemployment rate
B. free market system D. business cycle
my answers are
1)b
2)b
3)b
4)a
5)c
6)d
7)c
8)a
9)b
10)d
11)a
12)b
13)c
14)b
15)a
16)a
17)b
18)a
19)c
20)b
21)a
22)d
23)c
24)c
25)a
If you could check my answers and let me know please and Thanks
Now you have four of the first five answers wrong!
1)c
2)b
3)b
4)a
5)b
4)D not A
1 and 2 are correct.
3 is wrong. It is A.
4 is correct. It is D.
5 is correct. It is B.
9,10,11,12,13,14,15 are correct.
16 is wrong.
here are the correct answers:
1.C
2.B
3.A
4.D
5.B
6.D
7.C
8.A
9.B
10.D
11.A
12.B
13.C
14.B
15.A
16.C
17.B
18.A
19.C
20.A
21.C
22.D
23.A
24.C
25.D
Here are the correct answers:
1. C. free market system
2. B. producing items using the least amount of resources.
3. A. Resource development
4. D. functional
5. B. flexible work schedules, pregnancy benefits, and elder-care programs.
6. D. comparative advantage theory.
7. C. service
8. A. balance of payments.
9. B. The quest for personal gain works for the common good.
10. D. dumping.
11. A. higher; higher
12. B. protective tariff
13. C. decrease; increase
14. B. WTO
15. A. entrepreneur.
16. C. Monopolistic competition
17. B. Americans feel their culture is superior to other cultures.
18. A. bar codes.
19. C. It relies on honesty, integrity, and high ethical standards.
20. A. mixed
21. C. common market
22. D. labor; knowledge
23. A. a trade surplus.
24. C. increased
25. D. business cycle
Some of your answers were incorrect. Please refer to the corrected answers above.